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One of the world’s largest real estate development companies, Emaar Properties, is all set to launch an Ethereum-based community token by the end of this year to enhance customer loyalty and referral ecosystem of the group.
Emaar Properties has a valuation of approximately US$35 billion, and is responsible for the development of the world’s tallest building Burj Khalifa and other such iconic structures. The development of the token is given in hands of the Swiss-based Lykke AG, a blockchain tech company that operates its own crypto exchange.
Emaar Properties is one of the leading companies operating in real estate, hospitality, retail, and entertainment sectors and has reported revenue of $7 billion in 2018. The majority of company’s operations are located in the Middle East and North Africa; however, Emaar Properties operates internationally providing property development and management services. The stock traded company, EMAAR, is listed on Dubai Financial Market (DFM). The company is now exploring blockchain technology to give their clients access to $10bn ecosystem, as the said token will come to life by the end of the year; the company also considers an initial coin offering (ICO) in Europe, which currently is being predicted to take a place in 2020.
According to Mohamed Alabbar, Chairman of Emaar Properties, Emaar community token will take the company a step forward on their journey of digital transformation. He also added:
“We have embraced the digital world even as we continue to build the most advanced and innovative physical structures and we use both to delight and benefit our customers and stakeholders globally.”
Emaar community token will be used as means to receiving loyalty and referral rewards across the entire global Emaar ecosystem. As stated in press release:
“The token will be transferable across the entire global Emaar ecosystem, including real estate, malls, hospitality, entertainment, facilities management, and online shopping.”
Richard Olsen, Founder, and CEO of Lykke stated that the company has always been optimistic regarding the development of a state of art technology infrastructure that let the individual participate in economic development activities, regardless of the size of their contribution. He further added that “We are thrilled to leverage our experience and expertise to support Emaar’s mission to bring value and utility to millions of users globally.”
This announcement makes Emaar Properties the world’s biggest company to leverage blockchain technology by issuing the Emaar community token that will not only give its clients an opportunity to access the $10Bn ecosystem but also help blockchain adoption to flourish in MENA region.
With this new fascinating crypto project, Dubai joins United Arab Emirates and Saudi Arabia’s similar efforts to develop a cryptocurrency of their own.